With its graceful french doors now replaced, this archway leads from a second-floor bar to a balcony at the Rice Hotel. At street level the balcony forms a promenade to shelter pedestrians from summer sun.

With its graceful french doors now replaced, this archway leads from a second-floor bar to a balcony at the Rice Hotel. At street level the balcony forms a promenade to shelter pedestrians from summer sun.

Photo: Betty Tichich/Houston Chronicle

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915 Franklin Street: A penthouse corner of the historic Bayou Lofts features one bedroom and two bathrooms. The kitchen and baths have their own unique features too.

915 Franklin Street: A penthouse corner of the historic Bayou Lofts features one bedroom and two bathrooms. The kitchen and baths have their own unique features too.

Photo: Heritage Texas Properties

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The dining room at the Big Brothers Big Sisters Big Black Tie Ball at The Corinthian, seen on Friday, Sept. 22, 2017.

The dining room at the Big Brothers Big Sisters Big Black Tie Ball at The Corinthian, seen on Friday, Sept. 22, 2017.

Photo: Dave Rossman, For The Chronicle

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The turn-of-the-century Texaco Building has been redeveloped into a high-end apartment project called The Star.

The turn-of-the-century Texaco Building has been redeveloped into a high-end apartment project called The Star.

Photo: Max Burkhalter

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The turn-of-the-century Texaco Building has been redeveloped into a high-end apartment project called The Star.

The turn-of-the-century Texaco Building has been redeveloped into a high-end apartment project called The Star.

Photo: Max Burkhalter

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The turn-of-the-century Texaco Building has been redeveloped into a high-end apartment project called The Star.

The turn-of-the-century Texaco Building has been redeveloped into a high-end apartment project called The Star.

Photo: Max Burkhalter

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Melrose Building at San Jacinto and Walker in downtown Houston, as seen in 1954. Hermon Lloyd and W.B. Morgan were the architects.

Melrose Building at San Jacinto and Walker in downtown Houston, as seen in 1954. Hermon Lloyd and W.B. Morgan were the architects.

Photo: F.W. Seiders

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What was once the Melrose Building, a 21-story office tower, is now the Le Méridien hotel in downtown Houston.

What was once the Melrose Building, a 21-story office tower, is now the Le Méridien hotel in downtown Houston.

Photo: Courtesy Of Le Meridien

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The Scanlan building, in this 1962 photo, is shown at the intersection of Preston and Main streets in downtown Houston.

The Scanlan building, in this 1962 photo, is shown at the intersection of Preston and Main streets in downtown Houston.

Photo: HANDOUT

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The towering 1929 Texas State Hotel was one of Houston architect Joseph Finger's biggest commissions, featuring decoration inspired by Spanish Plateresque design. The structure later became vacant, covered in graffiti, soot buildup and grime. In 2004, the Masterworks Development Corporation helped restore the hotel to full use as a four-star Club Quarters Hotel with 382 guest rooms.

The towering 1929 Texas State Hotel was one of Houston architect Joseph Finger's biggest commissions, featuring decoration inspired by Spanish Plateresque design. The structure later became vacant, covered

Photo: National Trust For Historic Preservation/Courtesy To The Houston Chronicle

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Visitors and residents at the Texas State Hotel downtown had to vacate the premises on July 1, 1986.

Visitors and residents at the Texas State Hotel downtown had to vacate the premises on July 1, 1986.

Photo: Timothy Bullard, Houston Chronicle

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The vacant Post-Dispatch at 609 Fannin Street in downtown Houston was remodeled into a "boutique" hotel of the Magnolia Hotel chain, shown May 15, 2001. This will be the third Magnolia Hotel after one in Denver, Colo., and Dallas opened in recent years. less

The vacant Post-Dispatch at 609 Fannin Street in downtown Houston was remodeled into a "boutique" hotel of the Magnolia Hotel chain, shown May 15, 2001. This will be the third Magnolia Hotel after one in ... more

Photo: Kevin Fujii, HOUSTON CHRONICLE

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Renovations are underway to convert the historic Stowers Building at 820 Fannin into an Aloft hotel. The building shares a block with BG Group Place, a recently built office tower at 811 Main in downtown Houston. Starwood Hotels & Resorts Worldwide is expanding the Aloft brand in Texas.

Renovations are underway to convert the historic Stowers Building at 820 Fannin into an Aloft hotel. The building shares a block with BG Group Place, a recently built office tower at 811 Main in downtown

Stephanie Meeks, president and CEO of the National Trust for Historic Preservation in Washington D.C., shot off an enthusiastically worded email Wednesday with the subject line: "Historic Tax Credit Saved!"

The Federal Historic Tax credit developers often use to rehab old buildings had been on the chopping block in an earlier version of the tax reform bill, but it was put back in the package President Donald Trump signed Friday.

"Its inclusion in the most expansive overhaul of our nation's tax code in more than three decades is a reaffirmation that reviving older and historic buildings is sound federal policy and good for the nation," Meeks wrote to preservationists.

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Republicans on Capitol Hill celebrated the passage of their massive tax bill. Speaker of the House Paul Ryan called it "a happy day indeed for the American people." (Dec. 21)

Media: Associated Press

The final version of the bill keeps the historic tax credit at 20 percent but requires that the credit be taken over five years instead of all at once at the project's completion.

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"People really don't realize really how many projects in Houston have benefited from the tax credit program, and a lot are projects that might not have been carried out otherwise," David Bush, executive director of Preservation Houston, said.

"Downtown's revitalization is built on a lot of tax-credit projects, going back to the Rice Hotel being converted to lofts," Bush said.

Other downtown Historic Tax Credit projects include the Post-Dispatch Building, now the Magnolia Hotel; the First National Bank building, now Franklin Lofts and the Corinthian; and the Southern Pacific Building, now Bayou Lofts.

Two newer downtown projects, the Texas Co. Building, now The Star apartments, and the Melrose Building, now Le Meridien Hotel, will receive the local preservation group's Good Brick Award for 2018.

This story has been updated to reflect that the president signed the tax overhaul measure on Friday.